Last $44.45 USD
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dealertrack technologies inc (TRAK) Key Developments

Dealertrack Technologies Announces Plans for New Corporate Headquarters on Long Island

Dealertrack Technologies announced plans to maintain its corporate headquarters on Long Island and has signed a lease to move into a newly constructed 233,000 square foot corporate office building in the nearby Village of North Hills in early 2016. The new environmentally-friendly, LEED-certified building planned for 3400 New Hyde Park Road is approximately one mile from Dealertrack's current headquarters. Dealertrack expects to benefit from financial incentives being provided by the State of New York and Nassau County.

Dealertrack Technologies Announces Plans for New Corporate Headquarters on Long Island

Dealertrack Technologies, Inc. announced plans to maintain its corporate headquarters on Long Island and has signed a lease to move into a newly constructed 233,000 square foot corporate office building in the nearby Village of North Hills in early 2016. The new environmentally-friendly, LEED-certified building planned for 3400 New Hyde Park Road is approximately one mile from Dealertrack's current headquarters. Dealertrack expects to benefit from financial incentives being provided by the State of New York and Nassau County.

Dealertrack Technologies, Inc. and Dealertrack Canada, Inc. Enter into a Credit Agreement with JPMorgan Chase Bank, N.A

Dealertrack Technologies, Inc. and Dealertrack Canada, Inc. entered into a credit agreement with JPMorgan Chase Bank, N.A., as Administrative Agent, the several lenders from time to time party thereto and the other agents from time to time party thereto. The New Credit Agreement provides the Borrowers with credit facilities aggregating $800 million, including a $575 million term loan B facility and a $225 million revolving credit facility. The proceeds of the Term Facility were used to pay the cash consideration for the Merger to the Sellers, to effectuate the payment in full of any amounts due under that certain Credit Agreement dated as of April 20, 2011, by and among Dealertrack, the Canadian Borrower, the several lenders party thereto from time to time, JPMorgan Chase Bank, N.A., as administrative agent and the other agents from time to time party thereto to pay the fees and expenses related to the Merger and the refinancing of the 2011 Credit Agreement and for general corporate purposes of Dealertrack and its subsidiaries. The proceeds of the Revolving Facility may be used for general corporate purposes of Dealertrack and its subsidiaries. Up to $25 million of the Revolving Facility may be used to obtain letters of credit, up to $25 million of the Revolving Facility may be used to obtain swing line loans, and up to $35 million of the Revolving Facility may be used to obtain revolving loans and letters of credit in Canadian Dollars. The 2011 Credit Agreement was terminated on the Signing Date. The New Credit Agreement provides that, subject to certain conditions, Dealertrack may request, at any time and from time to time, the establishment of one or more additional term loan facilities and/or the Borrowers may request increases to the Revolving Facility in an aggregate principal amount not to exceed the sum of $200 million plus an additional amount if, after giving effect to such additional amount on a pro forma basis, Dealertrack’s consolidated first lien leverage ratio does not exceed 4.00 to 1.00. Interest on loans made under the New Credit Agreement’s Term Facility accrues, at Dealertrack’s option, at a rate per annum equal to the ABR plus a margin ranging from 1.50% to 1.75% depending upon Dealertrack’s consolidated first lien leverage ratio or LIBOR for an interest period to be selected by Dealertrack plus a margin ranging from 2.50% to 2.75% depending upon Dealertrack’s consolidated first lien leverage ratio. Interest on loans made under the New Credit Agreement’s Revolving Facility in U.S. Dollars accrues, at the Borrowers’ option, at a rate per annum equal to the ABR plus a margin ranging from 0.50% to 1.25% depending upon Dealertrack’s consolidated first lien leverage ratio or LIBOR for an interest period to be selected by Dealertrack plus a margin ranging from 1.50% to 2.25% depending upon Dealertrack’s consolidated first lien leverage ratio. Interest on loans made under the New Credit Agreement’s Revolving Facility in Canadian Dollars accrues at a rate per annum equal to the ABR plus a margin ranging from 0.50% to 1.25% depending upon Dealertrack’s consolidated first lien leverage ratio or the CDOR Rate for an interest period to be selected by Dealertrack plus a margin ranging from 2.50% to 2.75% depending upon Dealertrack’s consolidated first lien leverage ratio.

Dealertrack Technologies, Inc. Appoints Rick Gibbs Executive Vice President and Group President of Digital Marketing Solutions

Dealertrack Technologies announced that Rick Gibbs, former Chief Executive Officer of Dealer.com and one of its co-founders, will lead Dealertrack's newly formed Digital Marketing Solutions team, as Executive Vice President and Group President.

Dealertrack Technologies, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the Year 2014

Dealertrack Technologies, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, net loss was $3.71 million, or $0.08 loss per share, for the fourth quarter ended December 31, 2013, compared to a net income of $499,000, or $0.01 per share, for the fourth quarter ended December 31, 2012. Net revenue for the fourth quarter ended December 31, 2013 was $126.11 million, compared to $101.77 million for the fourth quarter ended December 31, 2012. For 2014, the company expects GAAP revenue to be in the range of $800 million and $816 million. The company expects GAAP net loss to be in the range of $7.0 million and $13.0 million, diluted net loss per share to be in the range of $0.24 and $0.13, non GAAP revenue to be in the range of $180 million and $188 million, net income to be in the range of $78.0 million and $84.0 million, and diluted adjusted net income per share to be in the range of $1.42 and $1.53. For the year, net income was $5.89 million, or $0.13 per diluted share, compared to $20.45 million, or $0.46 per diluted share, for the year ended December 31, 2012. Net revenue for the year ended December 31, 2013 was $481.53 million, compared to $388.87 million for the year ended December 31, 2012.

 

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